Apparently Hillel Nahmad, scion of the fabulously wealthy and famously controversial Nahmad art clan, needed some more space to hang all those Picassos he owns. Mr. Nahmad has closed on his fifth apartment at Trump Tower.
Hey, you can never have too many Matisses or too many apartments in the Trump Tower! Mr. Nahmad paid $2.8 million for unit 51C, according to city records. The apartment, which was not listed publicly, offers just over 1,000 square-feet for Mr. Nahmad to expand his now rather-large space on the 51st floor.
Does he have his eye on the entire 51st floor? We wouldn’t be surprised. Mr. Nahmad has been buying apartments there for the past 17 years and the family is nothing if not methodical when it comes to collecting what they want. Enjoying it is, unfortunately, another matter. The family keeps 90 percent of the collection in storage in Switzerland.
Maybe it’s time to grace the ever-increasing wall space of 721 Fifth Avenue with a few famous paintings?
Mr. Nahmad bought the condo from Beech Road LLC, who paid just $950,000 for it back in 2003. But buyers who covet things that are not technically for sale often find themselves paying a premium.
It’s been a few years since the art world honcho bought something new—before this, he snapped up a $5 million apartment in 2010, followed by a $2.62 million one a few months later. Why not buy in pairs in you’re going after the whole floor?